As a single-family rental (SFR) owner, you are likely looking for ways to streamline the maintenance on your properties. This is not just about lowering costs—it is also about saving time on tasks.
Low-maintenance SFRs are a win-win for both property owners and tenants. But sometimes it takes time and money now to save time and money later.
It’s a smart move to keep your renovation budget low for an SFR, but it’s an even smarter move to use your renovation dollars wisely on upgrades that will continue to pay off in the future and not require much of your time to maintain.
Here are four ways in which you can make an investment in both time and money now to reap bigger profits later:
1. Choose maintenance-free landscaping.
Lush landscaping might enhance curb appeal, but it will certainly increase your operating budget and maintenance task list. Opt for low-maintenance options like pavers that will only require an annual pressure washing, rather than grass and flowerbeds that can demand weekly or biweekly upkeep
2. Upgrade to energy-efficient windows.
New windows can have big ROI, especially when you choose energy-efficient models that push the cold air out and keep the warm air in. Choose vinyl replacement windows that are easy to clean and don’t require painting. Many manufacturers produce stock window sizes, so you do not have to spend more on custom-made models.
3 – Install solar panels.
This is one of the priciest investments you can make for a home, but like other energy-efficient options, solar energy enhancements can pay off big time in the future. SFR owners who are looking to hold onto properties for the long term stand to benefit from this upgrade. You will save money in the long rung, plus you are preserving the environment and supporting sustainable building efforts.
4 – Replace carpets with hardwood or laminate floors.
If you are looking for a quick and cost-effective renovation, you might be tempted to carpet most of the residence. This would be a mistake. Not only is hardwood or laminate floors the more popular option in homes, but they also are easier to keep clean and maintain in the long run, even with tenant turnover. This is especially true if you plan to allow tenants to have pets.
Time is money, so more money spent now can help you save money in the long run when it comes to upgrading SFRs.
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